“Earnings and election will be the main triggers for the market, while investors will have to keep an eye on domestic headwinds like rise in oil price and rupee movement. On the other hand, earnings season has started on a positive note led by private sector banks and IT companies which will keep the underlying trend. “Global market sentiment will be based on the outcome of two day FOMC meet which is scheduled to start from 1st of May," said Vinod Nair, head of research, Geojit Financial Services.

Market sentiment would also be driven by Purchasing Managers Index (PMI) data for the manufacturing and services sectors due this week.

“Going ahead, the focus would be on corporate earnings, bond yields (US as well as in India) and crude price. While better-than-expected results in IT and couple of banks have kept the market sentiment high, weak numbers from other sector stocks in coming days could lead to downside for the market," said Sanjeev Zarbade, vice president-PCG Research, Kotak Securities.

Major companies scheduled to declare their earnings this week include HDFC, Kotak Mahindra Bank, HCL Technologies, Hero MotoCorp, Tata Power, Adani Ports and Special Economic Zone, Adani Power and Bank of Maharashtra.

Shares of Reliance Industries Ltd would also remain in focus on Monday as the company’s result came in after market hours on Friday.

“Going ahead the main trigger for the market would be mid-May election results which could swing the mood either ways for our indices and therefore it is expected that the markets will oscillate in a range-bound manner till clarity emerges in the political conundrum," said Jimeet Modi, founder and CEO, Samco Securities. Auto stocks would also remain in focus amid sales data announcement.

Over the last week, the Sensex surged 554.12 points, or 1.61% to end at 34,969.70.